Our Service & The Buying Process

At
Bulgarian Property Connection our aim is to provide
the highest possible service to help you find the perfect
property for you. The thought of buying a property abroad
may at first appear to be pretty daunting, but we will
be there with you every step of the way.
The flow diagram below gives you the basic procedure
for obtaining a Bulgarian property.

When purchasing a property in Bulgaria
that has land it is necessary to set up a Bulgarian
Limited company. This is because under Bulgarian law
foreign nationals are not permitted to own land. However,
if you own a limited company that company can own the
land. This may appear confusing but it is a very straight
forward process that our solicitors can organise for
you. The following is a breakdown of the process involved;

• By authorising us power
of attorney, we can organise the following procedures
on your behalf. Alternatively, you can do it in person
with any advice or support that you may require from
us.
• For the starting capital
of the company, 5000 lev needs to be deposited into
the company bank account. Once the company registration
has gone through (usually a few days) this money can
then be transferred and put towards the purchase of
the property.

• The cost to set up the limited
company itself is 600 euros. This covers all solicitors
fees. They will deal with the documentation and registration
of the company. At the end these papers will be translated
into English and sent to you.

Please note, this process is only
required if you are buying a property with land. If
you are buying a flat, the setting up of a limited
company is not required.

Taxes and additional costs

As within the UK there are a number
of local transaction costs such as stamp duty that need
to be paid by the purchaser. The Local Property Tax
is 2% of the purchase price. The National Registration
Tax is 0.1%. The Notary (state certified) legalizes
the deal and their fees are based on tables reflecting
the purchase price, typically less than 150 pounds.

Each year local council taxes must
be paid that cover public lighting, refuge collection
and so forth. These taxes are minimal and are typically
less than 100 pounds.

Our Commission

Our fee for helping you find and secure
a Bulgarian property and then assisting you through
the whole buying process is 3% of the purchase price
or a minimum of 500 Euros. This fee is to be paid after
the property has been secured for you at the preliminary
contract phase. ( Note: if you are buying the property
from the UK we can place the deposit and sign the preliminary
contract on your behalf )